ORDER TYPE CONDITION 1 CONDITION 2 TRANSACTION PRICE

ACTION: BUY
Market Order none none Buy at Best price
Example Asking Price = $100/share N/A Best price around asking price ($100)
Limit Maximum price willing to buy Limit price below asking price When asking price equals Limit Price, then buy only at or
below limit price
Example Limit Price = $ 90/share Limit Price ($90) < asking price ($100) Best price only if <= Stop Limit Price ($90)
Stop Loss Minimum price willing to buy Stop Loss price above asking price When asking price equals Stop Loss Price, then buy
becomes Market Order
Example Stop Loss Price = $ 110/share Stop Loss Price ($110) > asking price ($100) Best price around Stop Loss price ($110)
Stop Limit Minimum price willing to buy Stop Limit price above asking price When asking price equals Stop Limit Price, then buy
becomes Limit Order
Example Stop Limit Price = $ 110/share Stop Limit price ($110) > asking price ($100) Best price only if >= Stop Limit Price ($110)
Trailing Stop Loss Minimum price willing to buy Trailing Stop Loss price above asking price When asking price equals Trailing Stop Loss Price, then
buy becomes Market Order
Example Trailing Stop Loss Price Delta = $ +10/share Trailing Stop Loss Price Delta Price ($100+10)=$110 > Initial Asking Price ($100) For Initial Trailing Stop Loss Price ($110)
As Asking price decreases ($90), initial trailing stop Loss price changes to revised trailing stop Loss ($90+$10=$100) Best price around Stop Loss price ($110)
As Asking price increases, trailing stop Loss price is fixed at either initial ($110) or revised ($100) trailing stop Loss price For revised Trailing Stop Loss Price ($100)
Best price around Stop Loss price ($100)

Trailing Stop Limit Minimum price willing to buy Trailing Stop Limit price above asking price When asking price equals current Trailing Stop Limit
Price, then buy becomes Limit Order
Example Trailing Stop Limit Price Delta = $ +10/share Trailing Stop Limit Price Delta Price ($100+10)=$110 > Initial Asking Price ($100) For initial Trailing Stop Limit Price ($110)
As Asking price decreases ($90), initial trailing stop Limit price changes to revised trailing stop Limit ($90+$10=$100) Best price only if >= Trailing Stop Limit Price ($110)
As Asking price increases, trailing stop Limit price is fixed at either initial ($110) or revised ($100) trailing stop Limit price For revised Trailing Stop Limit Price ($100)
Best price only if >= Trailing Stop Limit Price ($100)

ACTION: SELL
Market Order none none Sell at Best price
Example Asking Price = $100/share N/A Best price around asking price ($100)
Limit Minimum price willing to sell Limit price above asking price When asking price equals Limit Price, then sell only at or
above limit price
Example Limit Price = $ 110/share Limit Price ($110) > asking price ($100) Best price only if >= Stop Limit Price ($110)
Stop Loss Maximum price willing to sell Stop Loss price below asking price When asking price equals Stop Loss Price, then
becomes Market Order
Example Stop Loss Price = $ 90/share Stop Loss Price ($90) < asking price ($100) Best price around Stop Loss price ($90)
Stop Limit Maximum price willing to sell Stop Limit price below asking price When asking price equals Stop Limit Price, then
becomes Limit Order
Example Stop Limit Price = $ 90/share Stop Limit price ($90) < asking price ($100) Best price only if <= Stop Limit Price ($90)
Trailing Stop Loss Maximum price willing to sell Trailing Stop Loss price below asking price When asking price equals Trailing Stop Limit Price, then
buy becomes Market Order
Example Trailing Stop Loss Price Delta = $ -10/share Trailing Stop Loss Price Delta Price ($100-10)=$90 < Initial Asking Price ($100) For Initial Trailing Stop Loss Price ($90)
As Asking price increases ($110), initial trailing stop Loss price changes to revised trailing stop Loss ($110-$10=$100) Best price around Stop Loss price ($90)
As Asking price decreases, trailing stop Loss price is fixed at either initial ($90) or revised ($100) trailing stop Loss price For revised Trailing Stop Price ($100)
Best price around Stop Loss price ($100)

Trailing Stop Limit Maximum price willing to sell Trailing Stop Limit price below asking price When asking price equals current Trailing Stop Limit
Price, then buy becomes Limit Order
Example Trailing Stop Limit Price Delta = $ -10/share Trailing Stop Limit Price Delta Price ($100-10)=$90 < Initial Asking Price ($100) For Initial Trailing Stop Limit Price ($90)
As Asking price increases ($110), initial trailing stop Limit price changes to revised trailing stop Limit ($110-$10=$100) Best price only if <= Trailing Stop Limit Price ($90)
As Asking price decreases, trailing stop Limit price is fixed at either initial ($90) or revised ($100) trailing stop Limit price For revised Trailing Stop Price ($100)
Best price only if <= Trailing Stop Limit Price ($100)